To overcome the hurdle of urban development, to rebuild the outdated regions of cities, and to revitalize urban land use, the Taiwanese government legislated the "Urban Renewal Act" in 1998. The Act uses economic incentives and government assistance to ensure that all parties benefit from urban renewal, but the results are often unsatisfactory. Studies indicate that the lack of trust among participants is the main reason for urban renewal failure; therefore, this paper argues that the mechanisms of "corporate governance" in contemporary business management theories could be the solution. By reducing the risk of moral hazard and adverse selection of agents, corporate governance increases the possibility of reaching a collective agreement among participants. In conclusion, the change in focus from urban governance to corporate governance may provide a new direction for urban renewal.
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